USDT staking is the first DeFi interchain product deployed within the Waves blockchain network. Staked USDT cryptoassets are accumulated in the Waves blockchain, and then proxied into the DeFi products of the Ethereum ecosystem. Staked USDTs are governed by an open-source public smart contract. This makes all transactions transparent. You can always audit the smart contract on your own and make sure it is safe and reliable.
While transferring USDT to staking, you are supposed to receive a USDLP asset. The USDTLP asset is a guarantee that your staked USDT assets are transferred to the staking smart contract. Revenues are distributed on a daily basis, flowing in the form of USDT into the staking pool, which increases the price of USDTLP. You can withdraw USDT from staking at any time and receive your accumulated income. When you withdraw USDT from staking, your USDTLP is exchanged for USDT at the new higher rate. The difference between the USDTLP rate at the moment of transferring to staking and the increased rate at the moment when you take assets and staking is your income. This difference can only be positive, as the smart contract ensures that the value of USDTLP never falls. The USDTLP value in USDT is calculated using the formula.
Important: The process of unstaking your USDT cryptoassets takes 20 160 blocks (about 2 weeks).
How to stake USDT cryptoassets
In order to stake your USDT cryptoassets, you should open the Waves.Exchange application and navigate to the Investments tab, then click the Stake USDT button on the USDT Staking panel:
Being navigated to the USDT staking tab, press the Stake USDT button:
In the following appeared window you should enter the amount of USDT you want to stake in the "I send" field
The "I receive" field will display the USDTLP amount you will receive in return for your USDT assets. This amount is equal to the USDT amount you invested. After that, read the Terms and Conditions of USDT staking withdrawal, then confirm the "I understand" checkbox and click the "Stake USDT" button.
How to unstake USDT cryptoassets
In order to withdraw USDT from staking, open the Waves.Exchange app and navigate to the Investments tab, then click the Stake USDT button in the USDT Staking tab:
In the USDT staking tab, click the Unstake USDT button:
In the appeared pop-up window, fill in the amount of USDTLP in the I send field. The amount of USDT you withdraw from staking will appear in the I receive field. After that, read the conditions for withdrawing USDT from staking, then check the I understand checkbox and click the Unstake USDT button.
Important: The process of withdrawing USDT from staking takes 20 160 blocks (about 2 weeks).
After that, the staking withdrawal transaction will appear in the USDT Staking Transactions field.
In the field of this transaction, there is a timer. After this period of time, you will need to click on the "Get USDT" button in order to claim your USDT assets, so they will be credited to your account balance.
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